Overview
The Japanese Income Growth Fund aims to outperform (after deduction of costs) the TOPIX, as stated in Sterling, by at least 1% per annum over rolling five-year periods through a combination of income and capital growth whilst maintaining a portfolio yield higher than the TOPIX. There is no guarantee that this objective will be achieved over any time period and actual investment returns may differ from this objective, particularly over shorter time periods.
The manager believes this is an appropriate benchmark given the investment policy of the Fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this Fund is the Investment Association Japan Sector.
Our fund aims to generate strong long-term total returns as well as provide investors with a higher yield than the Japanese market.
Performance & Portfolio
Periodic Performance
All figures to 31/10/2023 6 Months
1 Year
3 Years
5 Years
Class B-Inc -7.7% 0.2% -1.6% 0.8% Index* 3.1% 11.6% 4.1% 4.0% Target Benchmark** 3.7% 12.7% 5.2% 5.0% Sector Average*** 0.8% 8.4% 2.4% 3.7% Sector Ranking 90/102 85/101 73/95 73/87
Annual Discrete Performance to 30 September each year
Annual percentage return (Updated Quarterly) 30/09/2018
30/09/201930/09/2019
30/09/202030/09/2020
30/09/202130/09/2021
30/09/202230/09/2022
30/09/2023Class B-Inc 1.7% 3.2% 11.0% -13.2% 0.0% Index* -0.3% 2.4% 15.6% -13.5% 15.1% Target Benchmark** 0.7% 3.4% 16.8% -12.7% 16.3% Sector Average*** -1.1% 5.6% 16.7% -15.4% 11.3% Please bear in mind that past performance is not a guide to future performance.
The value of your investment may go down as well as up, and you may not get back the amount you invested.
Source: FE, Revolution, Tokyo Stock Exchange. Total return in sterling.
Share class and Sector returns calculated using 10am prices, while the Index is calculated close-to-close.
*TOPIX.
**TOPIX (in sterling) plus at least 1% per annum over rolling five-year periods (through a combination of income and capital growth).
***IA Japan Sector.Figures for 3 and 5 years show the annual rate of return.
Top Ten Holdings - 31/10/2023
Fund % 1 SBI Holdings 4.4% 2 Sumitomo Mitsui Trust 4.0% 3 GMO Internet 3.5% 4 MS&AD Insurance 3.5% 5 Tokio Marine Holdings Inc 3.4% 6 SoftBank Group 3.3% 7 DMG Mori 3.3% 8 FANUC 3.2% 9 Bridgestone 3.1% 10 Kubota 2.9% Total 34.6% SECTOR ANALYSIS OF TOTAL ASSETS - 31/10/2023Fund %
- 1 Man & Machinery 22.04
- 2 Financials 19.60
- 3 Commerce & Services 12.04
- 4 Chemicals & Other Materials 11.59
- 5 Electricals & Electronics 10.49
- 6 Info, Comm And Utilities 9.85
- 7 Pharmaceuticals & Foods 4.92
- 8 Real Estate & Construction 4.58
- 9 Retail 3.84
- 10 Communication Services 0.69
- 11 Cash 0.36
- Total 100.00
As the Fund invests in overseas securities, changes in the rates of exchange may cause the value of your investment (and any income it may pay) to go down or up.
The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.
Please note that totals may not add due to rounding.Insights
View all Insights.Meet the Managers
Matthew Brett
Matthew is an Investment Manager in the Japanese Equities Team. He is Manager of the Japanese Fund (and related All Cap strategy segregated accounts), Manager of the Baillie Gifford Japan Trust, and Co-Manager of the Japanese Income Growth Fund. He is also a member of the Global Stewardship Portfolio Construction Group. Matthew graduated BA (Hons) in Natural Sciences (Psychology) from the University of Cambridge in 2000 and holds a PhD in Psychology from the University of Bristol. He joined Baillie Gifford in 2003 and became a Partner in 2018.
Karen See
Karen is an Investment Manager in the Japanese Equities Team. Karen is a Co-Manager of the Japanese Income Growth Fund. Karen graduated BSc (Hons) in Economics with Japanese from University of Birmingham in 2011 and is a CFA Charterholder. Karen joined Baillie Gifford in 2012.
How to Invest
You can invest in our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Application Forms
Bulletins and Factsheets
Enhanced Disclosure Document
Fund Ratings Reports
Key Investor Information Documents
Value Assessment
Sustainability-related Disclosures
Risks
General Investment Risk
Investment markets can go down as well as up and market conditions can change rapidly. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested.
Custody
Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.
Single Country
The Fund’s exposure to a single market and currency may increase share price movements.
Foreign Currency
The Fund has exposure to foreign currencies and changes in the rates of exchange will cause the value of any investment, and income from it, to fall as well as rise and you may not get back the amount invested.
Volatility
The Fund’s share price can be volatile due to movements in the prices of the underlying holdings and the basis on which the Fund is priced.
Dilution
A dilution adjustment may apply when you buy or sell shares in the Fund. This is applied to the share price and may reduce the return on your investment.
Fees to capital
For distribution purposes the ACD has the facility to allocate part or all of the Authorised Corporate Director’s (ACD) fee to capital. This will reduce the capital value of the Fund. For the year to 30 June 2020 100% of expenses were allocated to capital. The figure for the current financial period has not yet been determined however this number may vary from year to year.
Tax Rates
Tax rates and the tax treatment of OEICs can change at any time.
